Milk powder

New Zealand’s Fonterra - the world’s largest dairy producer - will cut the price of one of it milk formula products in China, joining a growing list of firms responding to Beijing’s investigation into the sector.

Abbott Laboratories is cutting prices of its instant products in China by up to 12 per cent, the company said, joining other foreign firms in responding to Beijing’s probe into possible price-fixing by milk powder makers.

Abbott Laboratories is cutting prices of its instant products in China by up to 12 per cent, the company said, joining other foreign firms in responding to Beijing’s probe into possible price-fixing by milk powder makers.

Mead Johnson Nutrition said it will cut the price of its infant milk formula in China, becoming the latest company to take action in the wake of an investigation by Beijing into possible price-fixing and anti-competitive behaviour.

Seven manufacturers of baby milk formula on Friday proposed a new system to ensure a steady supply of their product to Hong Kong parents, hoping this could persuade the government to cancel restrictions on its export.